DCHA to Reposition its Real Estate Portfolio

District of Columbia Housing Authority Executive Director Tyrone Garrett announced that he will present a Comprehensive Portfolio Repositioning Plan within 60-days. Garrett said the strategy will describe how the agency will address the backlog of capital needs and preserve or develop new affordable housing for existing DCHA customers. Garrett said the strategy will outline how the agency will address at least 2,400 housing units, over the next 24 months.

“I recognize that DCHA is filled with opportunities and challenges. Moving forward, DCHA will deploy strategies to preserve and create affordable housing with an emphasis on over 2,400 units over the next 24 months,” said DCHA Executive Director Tyrone Garrett. “I am not talking about selling off properties, but rather, unlocking private investments to provide housing assistance to our existing residents. Full dependence on federal funding is no longer an option and we have to find ways to bring other resources to the table.”

The plan will include innovative financing approaches that include self-development, traditional financing, creative partnerships and non-traditional strategies; fostering stronger families and sustainable villages by promoting education, creating economic opportunities, and encouraging self-sufficiency; and utilizing a collaborative management approach that is outcome driven and meets highest standards.

DCHA will begin a strategic public engagement campaign to include residents, advocates, community partners, financial partners, and other key stakeholders in the process. Any financing models proposed by DCHA must be supported by the DCHA Board of Commissioners, who will review a draft of the Comprehensive Portfolio Repositioning Plan by the third quarter of fiscal 2019.